This article is from the Australian Property Journal archive
AMP Capital has picked up the Gasworks Plaza commercial complex in Brisbane’s inner suburb of Newstead for $248.4 million from retirement village operator Aveo Group.
Gasworks Plaza takes in the mixed-use Gasworks 1 and 2 development, and the retail offering Gasworks 3, which is currently under construction.
Gasworks 1 and 2 has an 8,470 sqm Woolworths-anchored shopping centre with 31 specialty tenancies, as well as 8,994 sqm of office space over two buildings and 426 parking spaces. Gasworks 3 will bring another 1,100 sqm of retail space and 81 parking spaces.
Aveo CEO Geoff Grady said the sale would generate a surplus of $61 million after allowing for the asset’s carrying amount of $180 million in its balance sheet, transactional and other costs and income tax, equating to an increase in net tangible assets per security of 11 cents.
“As we came to the completion of the Aveo owned component of the Gasworks precinct, it was opportune to capitalise on the embedded value of the Gasworks retail and commercial component that we have held since its completion in August 2013.
“This transaction will release substantial capital for recycling into higher returning development projects,” Grady said.
The group expected to reach practical completions of its 19-storey Aveo Newstead retirement living tower in May.
Just before Christmas the group lodged an application for a 16-level retirement village tower with 96 units in Broadwater on the Gold Coast, on the corner of Frank and Robert Streets.
Australian Property Journal
